China starts to lower tariff rates on 1,585 taxable items

Reuters
Beijing, China Published: Nov 01, 2018, 12:34 PM(IST)

China Photograph:( Reuters )

China on Thursday started to slash most-favoured-nation tariffs on a total of 1,585 taxable items, in order to serve industrial upgrading, lower corporate cost and meet domestic demand.

The average tariff rate will be reduced from 10.5 per cent to 7.8 per cent for these items, according to the Customs Tariff Commission of the State Council.

The tariff cuts cover sectors including textiles, ceramics, steel, machinery and some resource-based products and primarily processed goods.

It will put the country's overall tariff rate at 7.5 per cent, down from 9.8 per cent in 2017. Average tariff rates for mechanical and electrical equipment, such as construction machinery in high demand, will be lowered from 12.2 per cent to 8.8 per cent.

For textiles and building materials, the average tariff rate will be cut from 11.5 per cent to 8.4 per cent, while that for resource products and primary goods will fall from 6.6 per cent to 5.4 per cent.

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